One of the best parts of my job is getting to work with entrepreneurs. They are the dreamers, the risk-takers, coming from varied backgrounds and experiences looking to make their mark in Southbury. Regularly, someone comes to my office with a desire to start a business. I greet them with enthusiasm and a CAN-DO attitude, knowing how daunting a task they face. I try to foster a culture of collaboration and encouragement. Our development team sits down with prospective business owners regularly to work through the details and demystify the process.
Many people need more access to finance at the starting point in their business. Most traditional banks will not lend money to a start-up. Banks want to see a track-record of a business earning money by before they will lend that business money. It is a Catch-22. I often connect them with the Connecticut Small Business Development Center (ctsbdc.uconn.edu) who offer free, business-planning services. They can help an entrepreneur put together a solid business plan, and assist them in securing an SBA loan. There are also gap-to-goal community lenders, such as the Community Investment Corporation (ciclending.com). They can supply capital to fill the ‘gap’ between what traditional banks lend and an entrepreneur’s own money. In commercial real estate, this is referred to as building a “capital stack” – the layered structure of all capital (debt and equity) used to finance a property.
I will also encourage a budding entrepreneur to find a mentor. Getting advice on how best to achieve goals, overcome obstacles and outmaneuver competition is often the missing link between a promising businessperson, and a successful one. Danielle Hawthorne, publisher of this magazine, celebrating seven years this issue, has been a wonderful mentor to many. I have had the pleasure of working with many young, first-time business owners in town, including Rob LaBonne III, Southbury Self-Storage; Chris Dwyer, Nardelli’s Southbury (now with a second location in Oxford); Stevie Sacco, The Bevy Co.; Julie Hunt, Alaska Company; Marlon Taylor, KRU Juice Bar (now with a second location in Danbury); and Amanda Eng and Meghan Jefts, AM Coffee & Co. Each had their own unique set of challenges to overcome but pressed forward until they were cutting the ribbon on their own business, making their dreams a reality.
This could be you. Do you dream of starting your own business? Make an appointment with the Office of Economic Development. Send an e-mail to: ecodevdirector@southbury-ct.gov and let’s plan your first move together.
Kevin Bielmeier
Economic Development Director
Town of Southbury
EcoDevDirector@southbury-ct.gov
(203) 262-0683
[This article first appeared in Southbury Neighbors magazine.]